Debt financing is an external corporate financing tool. By applying the obtained funds on corporate development and manufacturing, companies can promote the upgrading of producing structure and the improvement of operating capacity. Therefore, nowadays, debt financing mainly focuses on how to effectively reduce the financing cost, lift debt constraints, and in turn, enhance the output value of the enterprise. This paper adopts a media attention approach aiming at reducing the debt financing cost in heavily polluting industries. Some heavily polluting listed companies under media attention from 2015 to 2017 are selected as the research object. This research analyzes their debt financing costs and environmental information disclosure and reveals the relationship between them. Statistical analysis, correlation analysis, and regression analysis are applied to verify the hypothesizes. Theoretical analysis suggests that high-quality environmental information disclosure can show a corporate’s sustainable development possibility to market. It enhances corporate word-of-mouth and improves investors’ confidence. This level of information disclosure can also alleviate information asymmetry problems that exist in cooperation between investors and enterprises, save time for both parties, and help the companies to gain funds with less financing cost. Media can make up for the information asymmetry between investors and enterprises through information transmission. It also promotes the sound development of enterprises through the regulatory mechanism and helps to reduce financing costs. The more attention media pay to corporate environmental information, the lower the financing cost of enterprises. Media attention is an external regulatory mechanism, while corporate internal environmental information disclosure is a management model of the enterprise system. The two are mutually complementary, not only ensuring the full play of corporate advantages, but also promoting capital investment, sound development, and rapid growth of the enterprise. The higher the media attention to the enterprise, the higher the quality of environmental information disclosure, the lower the financing cost.Empirical results suggest that media attention can directly affect the high and low cost of debt financing, and there is a negative correlation between them. When media communication performs in a positive state, the cost of debt financing will be reduced, and vice versa. In addition, the media attention and the quality of environmental information disclosure are inversely proportional to the cost of debt financing. High media attention and high-quality information disclosure will gradually lower down the cost of debt financing. Finally, based on the current background of China, this paper puts forward relevant suggestions on ways to reduce the cost of debt financing. The government should improve the system to ensure the implementation of environmental information disclosure and strengthen corporations’attention to environmental information. The media should accelerate the reform of the industry, enhance the fairness, objectivity, and accuracy of the media, promote positive media transmission, and reduce negative media communication, to effectively reduce the debt.